Desjardins Forecasts Strong Price Appreciation for Royal Bank of Canada (TSE:RY) Stock

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its price objective hoisted by analysts at Desjardins from C$218.00 to C$230.00 in a report released on Thursday,BayStreet.CA reports. The firm currently has a “buy” rating on the financial services provider’s stock. Desjardins’ price objective would indicate a potential upside of 2.64% from the company’s previous close.

Several other brokerages also recently issued reports on RY. Cibc World Mkts downgraded shares of Royal Bank of Canada from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 5th. Canaccord Genuity Group increased their price target on shares of Royal Bank of Canada from C$201.00 to C$219.00 and gave the company a “buy” rating in a report on Thursday, August 28th. Erste Group Bank upgraded shares of Royal Bank of Canada to a “strong-buy” rating in a report on Monday, September 22nd. BMO Capital Markets upped their price objective on shares of Royal Bank of Canada from C$190.00 to C$203.00 and gave the company an “outperform” rating in a research report on Thursday, August 28th. Finally, Scotiabank increased their target price on shares of Royal Bank of Canada from C$218.00 to C$231.00 and gave the company an “outperform” rating in a research note on Thursday. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of C$221.86.

Royal Bank of Canada Stock Performance

Shares of TSE:RY traded up C$5.45 during midday trading on Thursday, hitting C$224.09. The company’s stock had a trading volume of 2,401,138 shares, compared to its average volume of 4,080,429. The stock’s 50 day simple moving average is C$207.06 and its 200 day simple moving average is C$192.35. The stock has a market capitalization of C$316.04 billion, a price-to-earnings ratio of 16.95, a PEG ratio of 3.42 and a beta of 1.28. Royal Bank of Canada has a fifty-two week low of C$151.25 and a fifty-two week high of C$225.26.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last released its earnings results on Wednesday, December 3rd. The financial services provider reported C$3.85 earnings per share (EPS) for the quarter. The firm had revenue of C$17.21 billion for the quarter. Royal Bank of Canada had a return on equity of 13.27% and a net margin of 28.23%. As a group, analysts anticipate that Royal Bank of Canada will post 12.3454675 EPS for the current year.

Royal Bank of Canada Company Profile

Royal Bank of Canada is one of the two largest banks in Canada. It is a diversified financial services company, offering personal and commercial banking, wealth-management services, insurance, corporate banking, and capital markets services. The bank is concentrated in Canada, with additional operations in the U.S.